Canadians aren’t happy with their retirement prospects and savings, reveals a national survey by the Canadian Payroll Association. While survey responses paint a poor financial picture of Canadians, it’s up to advisors to help clients separate feelings from fact and take control of their finances.

For example, almost half of working Canadians (46%) say they’ll have to work longer than they planned to five years ago. Why? They say they’re not saving enough, reveals the survey.

Almost half of those surveyed (46%) think they need a retirement nest egg of at least $1 million. More Ontario residents set the bar at that amount, with 53% saying they need as much.

To reach financial security, more than a quarter of working Canadians (26%) say earning more is key, versus 19% who cite spending less.

Encouragingly, the survey finds a 5% increase in the number of employees with total household incomes of more than $125K, and a slight rise in full-time employment to 89% from 87%, compared to the previous survey.

Overwhelmed by debt

Further complicating retirement goals is Canadians’ debt levels. More than one-third (35%) of Canadians surveyed and 37% of Ontarians surveyed are overwhelmed by their debt. And nearly one-third (31%) of respondents nationally (32% in Ontario) say their debt loads increased over the year.

Similar to previous years’ surveys, 94% of Canadians say they carry debt. The most common debt types are mortgages (28%), credit cards (17%), car loans (18%) and lines of credit (17%).

Not surprisingly, given the high cost of real estate, more respondents than ever find mortgages on principal residences the most difficult debt to pay down (32%) — the first time that mortgages surpass credit card debt in the survey’s nine years.

About the survey: A total of 4,766 employees from across Canada, and from a wide range of industry sectors, responded to an online research survey between June 27, 2017, and August 5, 2017, using a convenience sampling methodology.

The problem is not that they earn enough, but rather self-discipline and deferring immediate satisfaction…that of which financially independent people adhere to. but this stems from the fact that it is a generation of instant gratification and entitlement…